Sussan Ley (Farrer, Liberal Party, Shadow Minister for Women) Share this | Link to this | Hansard source

My question is to the Prime Minister. Over the course of the previous coalition government's time in office, the Reserve Bank of Australia met almost 100 times and raised interest rates once. Under the Albanese government, the Reserve Bank met on eight occasions and has raised interest rates eight times. Using his economics degree—

Government Members:

Government members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! The Deputy Leader of the Opposition will resume her seat. Before the deputy leader spoke, I asked that she be heard in silence.

The Treasurer will cease interjecting.

The member for Hume! The deputy leader will be heard in absolute silence. If she's not, action will be taken. She will begin her question again.

Sussan Ley (Farrer, Liberal Party, Shadow Minister for Women) Share this | Link to this | Hansard source

My question is to the Prime Minister. Over the course of the previous coalition government's time in office, the Reserve Bank of Australia met almost 100 times and raised interest rates once. Under the Albanese government, the Reserve Bank has met on eight occasions and has raised interest rates eight times. Using his economics degree, can the Prime Minister confirm that, under the coalition, interest rates rose about one per cent of the time but under Labor they are rising 100 per cent of the time? Why do Australians families always pay more under Labor? (Time expired)

Honourable members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! I could barely hear the end of the question.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

That's because it was timed out, Mr Speaker! I thank the Deputy Leader of the Opposition for her question. It is quite an extraordinary question, the way it was put. It seems to ignore the fact that the Reserve Bank of Australia is an independent body, is the first point I would make—and you don't need an economics degree to know that. But apparently that's beyond the capacity of those opposite.

The second thing that I will confirm is that the economy started growing under Bob Hawke and Paul Keating, and it grew for 30 years. It grew even when the entire world went into a global financial crisis. The economy continued to grow. When did a recession come? Who was in government? When a recession comes, the Reserve Bank decreases interest rates in order to stimulate the economy.

Hon. Members:

Honourable members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

The Prime Minister will pause. Unless I can hear the Deputy Leader of the Opposition, I will not take her point of order. I give her the call on a point of order.

Sussan Ley (Farrer, Liberal Party, Shadow Minister for Women) Share this | Link to this | Hansard source

On relevance: can the Prime Minister count to 100?

Milton Dick (Speaker) Share this | Link to this | Hansard source

I have been more than tolerant with this abuse of standing orders. This is not the first time the deputy leader has done this. As much as I don't want to do this, she will leave the chamber under 94(a) for abuse of standing orders.

The member for Farrer then left the chamber.

The member for Gellibrand will withdraw that comment.

Tim Watts (Gellibrand, Australian Labor Party, Assistant Minister for Foreign Affairs) Share this | Link to this | Hansard source

I withdraw.

Milton Dick (Speaker) Share this | Link to this | Hansard source

When the House comes back to order the Prime Minister will be heard in silence, or further people will leave the chamber.

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

Thanks very much, Mr Speaker. When recessions occur as happened under the former government, what reserve banks and central banks around the world do is that they support the stimulation of the economy. Therefore, you have a reduction in interest rates. Then when there's global inflation, around the world central banks increase interest rates. That's what occurs. The level of debate that we are having here from those opposite is just extraordinary. I mean, this is the alternative government of Australia. The shadow Treasurer, who refuses to ask a question of the Treasurer—this is what he said, not before the election but on 28 September, in an opinion piece, so he wrote it down. He actually thought about it and submitted it to that great journal The Australian. He said:

It is very clear that the world has changed dramatically even in the past few months …

We've seen a rapid shift to an inflationary environment.

Interest rates are bucking decades of downward trends.

Those opposite show their economic illiteracy in here day after day. (Time expired)

Milton Dick (Speaker) Share this | Link to this | Hansard source

The member for Page will cease interjecting.